Imagine that you are a real-estate agent who is trying to sell a huge house to a wealthy couple. Explain how the buyers may be subject to each of the biases that are listed below. Response must be 100-125 words.
Overconfidence Bias
Hindsight Bias
Anchoring and Adjustment Bias
Confirmation Bias
Availability Bias
Overconfidence bias- The buyers might have an incorrect assessment of their talent, intellect and their skills. It can be said that the buyers might feel that they are better even if they are not.
Anchoring and Adjustment Bias- The buyer might think that the price suggested by the agent is high but it can be negotiated to reach a fair deal. However, the agent might have increased the price well above its fair price which will ultimately profit the agent.
Confirmation Bias- The buyer might hold on to a false or right belief and this might affect the final deal between the agent and the buyer.
Availability Bias- The buyer might think of a similar situation where they had met an agent who had tried to sell the house to them. Dealing during that time will act as a bias.
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